Midhurst/September 18, 2012 – The dream of buying a home in Simcoe County is now more realistic for low-to-moderate-income households.
County Council recently approved a five-per-cent increase in down payment assistance under the Home Ownership Program, raising assistance to 10 per cent.
The County of Simcoe’s Home Ownership Program provides renter households with the opportunity to purchase an affordable home by providing 10 per cent down payment assistance in the form of a forgivable loan.
“Home ownership is a dream for many low-to-moderate-income households in Simcoe County, but the reality of saving enough money for a down payment is often out of their grasp,” said Warden Cal Patterson. “The County’s Home Ownership Program can be the key that turns the lock to home ownership for Simcoe County residents, thus freeing up existing rental units to meet growing demand.”
County Council’s decision helps renter households facing challenges entering the Canadian housing market in light of the recent Canada Mortgage and Housing Corporation’s reduction in amortization periods. Home Ownership Program funding is now available and must be committed before the end of 2012. Another $450,000 will be available in 2014.
For specific eligibility requirements and applications, visit http://www.simcoe.ca/dpt/ss/sh/index.htm.
Funding for the County’s Home Ownership Program is provided by the Investment in Affordable Housing for Ontario Program, which provides $480 million in federal and provincial funds for the creation and repair of affordable housing in Ontario over the next four years. The County of Simcoe has been allocated $12.5 million in funding.
The County of Simcoe is composed of sixteen member municipalities and provides crucial public services to County residents in addition to providing paramedic and social services to the separated cities of Barrie and Orillia. Visit our website at simcoe.ca